Unsecured Loans for Home Improvement – Home Equity Loans and Online Personal Loans

We help borrowers who are searching for financing options for their property finding financing options. Our platform works with dozens of lenders who can offer a personal loan or financing option up to $100,000 without using collateral. Borrowers who need to find a home improvement or remodeling loan and don’t want to use their home equity or refinance their mortgage, now have dozens of financing options to help them achieve their goals.

Online Loans Are Available In These States for Home Improvement Projects

Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin,

Learn More About Home Equity Loans From Online Lenders

When strapped for cash, many people turn to loans as a quick and effective way to get quick access to a substantial sum of money. Although there are many more popular forms of loans in the market, home equity loans can prove to be a good choice for individuals who have a lot of equity in their home. Equity is defined as the market price of a home minus what the owner still owes on the mortgage. In short, equity is the percentage of the mortgage that the owner of a home has successfully paid off. Like every other form of loan, home equity loans have both benefits and drawbacks. Before taking out a home equity loan, it is important to research and find out if a home equity loan is the right course of action to solve a money problem.

Compare Options From Local and National Home Equity Loan Lenders

When searching for a home equity loan, it is important to keep a few things in mind. First, most home equity loans require the borrower to have a minimum credit score of about 620. However, borrowers with credit scores of 700 and above are usually granted better interest rates. This means that borrowers with poor credit scores are unlikely to even qualify for a home equity loan. Before searching for a home equity loan, borrowers should make sure they have their credit score at or above 620. There are a few other things to consider before beginning the search for a home equity loan. Most home equity loans require a debt-to-income ratio of around 50%. This number is less important than the 620 credit score, but ratios below 30% will often make a borrower ineligible for a home equity loan. Lastly, borrowers should have a clear idea of how much money they want to borrow when applying for a home equity loan. If a borrower enters a loan negotiation with a clear idea of how much and for what reason they want to take out a home equity loan, a lender will likely be more willing to overlook a low credit score or debt-to-income ratio.

Home Remodeling Loans without a mortgage or home equity

One of the major benefits of a home equity loan is the low interest rates. When compared to other loans such as personal loans or even credit cards, home equity loans almost always offer better interest rates. This allows borrowers to save hundreds or even thousands of dollars on interest payments over a number of years. Additionally, there are some very new advantages that make home equity loans a good option. In 2017, Congress signed into law the Tax Cuts and Jobs Act which allows borrowers to deduct interest payments made on home equity loans from their taxes if the money is used to improve their home. This special tax status is one more reason that home equity loans are a good choice when considering taking out a loan.

Review The Pros and Cons of Home Equity Loans and Unsecured Personal Loans

Although home equity loans have their advantages, they can also present some challenges. One of the scariest downsides to home equity loans is the potential that the borrower could lose their home. If a borrower fails to make a payment on their home equity loan, the lender has the right to foreclose on the house to ensure that they do not lose their profit. Borrowers who are sure they will make all of their payments on time do not need to worry about this, but for borrowers who are not certain they will be able to come up with the cash necessary to pay back the loan, home equity loans may be better off avoided. Additionally, many home equity loans come with borrowing fees. Although this does not apply to all home equity loans, many lenders will want to introduce additional fees in order to further reduce their risk. When considering a home equity loan, all borrowers should take the time to read the fine print of the agreement to assure themselves that there are no borrowing fees.